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The economy of Kenya is market-based with a few state enterprises. Kenya has an emerging market and is an averagely industrialised nation ahead of its East African peers. Currently a lower middle income nation, Kenya plans to be a newly industrialised nation by 2030.
The Kenyan High Court on Tuesday struck out key clauses of a contentious finance law that has been blamed for significantly raising taxes and the cost of living in East Africa’s largest economy.
NAIROBI (Reuters) -Kenya's government plans to cut 2024-25 spending by 1.9% and widen the fiscal deficit to 3.6% of GDP in a revised budget, the treasury said, weeks after it was forced to roll ...
Kimani Kuria, chair of the Kenyan parliament's finance committee, said the committee recommended amending the government's funding bill for the 2024/25 fiscal year to remove a new tax on car ...
PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in international trade, and it also requires more estimation than nominal GDP. [4] On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures. [5]
Amidst protests, the Kenyan government scrapped parts of the bill on 18 June 2024. According to Kuria Kimani, chairman of Kenya’s Finance and National Planning Committee, the proposed tax increases that were scrapped included a 16% value-added tax (VAT) on bread, as well as taxes on motor vehicles, vegetable oil, and mobile money transfers. [26]
NAIROBI (Reuters) -Kenyan President William Ruto spoke by phone with International Monetary Fund chief Kristalina Georgieva in the days after he withdrew $2.7 billion in proposed tax hikes in ...
The agreement is subsequently cancelled by the Kenyan government in November. [39] 13 September – Germany and Kenya agree on a labour migration deal which will see 250,000 skilled and semi-skilled Kenyan workers go work in Germany amid a shortage of skilled labour in the German economy.